Golden Grail Beverages has set out a change to its planned transaction with fellow US soft-drinks business UPDC Beverages.
On 11 December, the company announced a deal to buy UPDC, Nevada-based co-packer.
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However, in a statement issued on 27 December, Golden Grail said it now “intends to enter into a definitive asset purchase agreement” with UPDC.
The revised deal will see Golden Grail “acquire and assimilate the operational assets of UPDC Beverages” rather than acquiring the company “as a wholly owned subsidiary”.
Golden Grail Beverages CEO Scott Lomo said: “The company has made the decision that the best course of action is to acquire the operational assets of UPDC Beverages. Our legal team is currently finalising the draft of an asset purchase agreement (and related ancillary exhibits) and expects to have the final agreements in place for execution by all interested parties in 2025.
UPDC Beverages operates as a “full-service” co-packing partner, providing a range of services for “complex and functional” beverages, Golden Grail Beverages said.
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By GlobalDataIts facility in Naples, Florida, specialises in bottling, canning and filling beverages including energy drinks, carbonated beverages and liquid fills from small shots to 32-ounce containers.
In August, Golden Grail announced a new direction, with plans to continue to try to grow its drinks business but also pursue “a commodity-based acquisition strategy”. It plans to buy companies in the gold, oil and gas, cryptocurrency and water industries.
Lomo said the deal with UPDC “is an important initial business move for the company as it meets our business strategy for 2025”.
He added: “Again, this initial transaction under our new management team is part of our recently announced new business focus of the company. As part of this new strategy, we intend to execute the proposed asset purchase agreement to acquire the operational assets of UPDC Beverages in a seamless manner.”
